Appendix A: New Products/Services Checklist
ID | Requirements | Yes | No |
A | A detailed new product/service program/description document outlining the product/service's features, structure, and target customers. Banks should provide product illustrations where appropriate | ||
B | Description of the product/service's key inherent risks from both the bank's perspective and the perspective of the customer, together with the systems and processes that are in place to mitigate these risks | ||
C | A signed certificate (Appendix B) by the Chief Risk Officer (CRO) and the Head of Compliance of the bank that the new product/service is developed in accordance with this guideline and the bank's approved New Products/Service Policy | ||
D | A Copy of the New Product/Service Development Policy as approved by the Board or its delegated authority | ||
E | Copies of the Term sheet and other constituent documents where applicable | ||
F | Necessary Shariah Approvals |